Our review

The Citi Rewards Platinum Card has recently become even more rewarding in a new format as the Citi Rewards Platinum Card Points Offer. You can take advantage of a spectacular first purchase points bonus, a more than acceptable ongoing points earning rate in the Citibank Rewards program, a suite of complimentary insurance policies and a stack of other platinum card benefits. There is even a zero-interest balance transfer if you need it.

100,000 points to welcome you aboard

If you don’t already have (hold) a Citi card, the bank will be so pleased to have you as a new customer they will shower you with valuable points straight away. All you have to do is spend $3,000 in 90 days after card approval, and 100,000 points will be yours to spend on a cornucopia of redemption options.

Earn ongoing Citibank Rewards at a reasonable rate

Considering that this is a Visa card rather than an Amex card, the earning rate of 1 pt per $1 spent, while not overly generous, is fairly typical.

There is a points cap on purchases made in Australia, but at $10,000 per statement period it’s quite high and will only trouble big spenders who would probably find either the Citi Signature or the Citi Prestige card more suitable for their needs. International purchases (both online and in person) are not subject to a cap. So you can earn up to 10,000 points each month on domestic purchases, and unlimited points on overseas purchases.

Redeeming Citibank Rewards

Most people like to get something for nothing, and with Citibank Rewards you can get free merchandise, retail and entertainment gift cards, travel and accommodation, and even a cash credit to your card account, just for putting your everyday spending through your credit card. Here are a few examples of the ways in which you can exchange your points:

Book flights, cruises, hotel accommodation, car hire, or any other travel needs.

Useful complimentary insurance policies

The many travel options available are a great way to use frequent flyer points, and they are enhanced by two insurance policies – international travel and transit accident – included with the card. All cardholders – primary and supplementary – are covered, together with their families.

Shoppers are not forgotten. They can take advantage of extended warranty and loss, theft and damage cover on their purchases. And if an item turns up at a significantly lower price up to three weeks after the day they bought it, they can obtain a refund of the price difference through the guaranteed pricing scheme.

Wine and dine – the wine’s on Citibank

Use your Citibank card to pay for your meal at one of hundreds of partner restaurants in the Citibank Dining Program, and claim your free bottle of wine to accompany your meal. There’s a limit of one bottle of wine per visit, but no limit to the number of times you can take advantage of this great offer.

15 months to sort out your finances, almost pain-free

This has to be a godsend for anyone who needs time to put their financial affairs back on track. Transfer your balance from an existing card where you are struggling with repayments, or even consolidate your debts from several cards. It could mean a new start, provided you make a realistic plan that will see the balance cleared in 15 months.

There is a little pain to be endured at the outset, in the form of a 1% balance transfer fee, and the 21.74% p.a. revert rate promises more discomfort at the end if you don’t clear the balance in full in (with) the time allowed.

A further drawback is the fact that having an unpaid balance transfer means that you forfeit the normal 'up to 55 days’ interest-free period on purchases. Any purchases would attract the ongoing 20.99% p.a. purchase rate from the transaction date until they are repaid, so you are unlikely to accumulate reward points or qualify for free insurance while you have an unpaid balance.

Visa Platinum benefits

Once approved for this card you can enjoy a host of platinum privileges, from a personal concierge – for assistance and information anywhere in the world that you happen to be – to reserved tickets for the hottest events. If you’re travelling overseas, you can access special offers and discounts through Citi World Privileges. The Citi Rewards Platinum Card lets you stand out from the crowd.

Convenient and versatile

You expect worldwide customer service 24/7 with your card, and Citibank promise that you’ll get it, as well as emergency card replacement if your card is lost, stolen or hacked.

The card comes equipped with Visa payWave, for fast contactless purchases under $100.

You can set up Citi alerts to tell you when you’re spending has reached a certain level, or when a payment is due, and payments can be automated to avoid the risk of paying interest if you miss the due date.

Take advantage of the online budgeting tool to see where your money went, and plan your future spending.

It all comes at a cost, but it’s not unreasonable

For a card which has this many bells and whistles, the $149 p.a. annual fee is pretty much around the expected level. But there is another 'welcome aboard’ special waiting for you. In the first year, the annual fee is significantly discounted to $49 p.a.

Unfortunately, you will have to pay $90 p.a. per year for any supplementary card on the account. Some cards have no extra charge for additional cards, but this isn’t one of them.

One of the best bonus points offers at this price

It’s clear that bonus points offers of this magnitude are usually attached to far more expensive cards. They are great for the first 12 months, but after that it can be more difficult to extract enough value to justify the annual fee. However, the Citi Rewards Platinum Card Points Offer delivers the best of both worlds – lots of bonus points with not only a reduced first-year fee but a very reasonable ongoing annual fee. If you use your Citi card for both your everyday purchases and your travel needs, you can watch the rewards and benefits roll in and finish up ahead in every year, not just the first.

Minimum criteria for this card

What you need before applying

You have your personal details ready to complete the online application

Have not applied for multiple credit cards recently

Joint applications are not allowed

Temporary residents are eligible

Age Pension,
Disability Pension and
Widower's Pension
are acceptable.

Carer's Allowance and
Child Support Payments
are acceptable.

Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.